Investor losses are not known

The Thai Securities and Exchange Commission (SEC) has discovered a new crypto scam where investors are lured into operating with companies outside the country, local English-language news outlet Bangkok Post reports on Aug. 25.

The regulator has become aware of several fraudulent companies involved in the case, including the alleged scam entity named FX Trading Corporation, which is not authorized to trade in digital currencies, the report notes. The SEC stated that the amount of losses caused by the scam is not known to date.

Only four firms are authorized to offer crypto services

A representative for the Thai SEC’s Department of Special Investigation claimed that the agency has only authorized three firms to operate digital asset-related businesses in Thailand and approved one company as a crypto broker or dealer.

The regulator’s spokesperson also stated that Thai authorities require cooperation from foreign counterparts in order to investigate the industry due to the presence of foreign crypto scams in the country.

Recently, Saudi Arabia’s Finance Ministry issued a warning against crypto scammers using the Kingdom’s state symbols to promote tokens that claim to be tied to government projects.